Annual Compliance for One Person Company (OPC)

Annual Compliances for One Person Company (OPC) are less as compared with the annual Compliances of Private Limited Companies and Public Limited Companies. In this article, we will discuss the Annual Compliances required for OPC.

One Person Company (OPC)

As per section 2(62) of the Companies Act, 2013, One Person Company is defined as the private company which has only one person as a member or shareholder.

Annual Compliance for One Person Company (OPC)

• Income Tax Returns – ITR-6
• Annual Return Form MGT-7
• Financial Statements in Accounts of Companies Form.No.4 (Form AOC-4)
• Annual Compliance based on Events
• Annual Compliance under diverse legal authorities

Income Tax Return-ITR-6

IITR-6 is an income tax return format where Companies other than the company Claiming deduction under section 11 of the income tax act,1961, is required to file in accordance with the income tax act, 1961 provisions.

Companies claiming deduction under section 11 are the companies which are deriving income from property that is held for charitable or religious purposes, any company other than company Claiming section 11 exemption has to file an income tax return in form ITR-6.

Therefore, one person company is required to file an income tax return under ITR-6 format only.

Due date :

ITR-6 Income Tax Return forms have to be filed with the income tax department on or before 30th September of the subsequent financial year.

Application of Sec-44AB

Tax audit provisions shall be applicable as per the income tax act, 1961.

Documents/Information required for Income Tax Return Filing (ITR-6)

• Purchase Invoices and Sale Invoices
• Invoices for the Expenditure incurred for the Financial Year
• PAN Number of the Company
• GST Returns Copies
• TDS Challan Copies
• Bank Statements for the Financial Year
• Credit Card and Loan Statements (if any)

Financial statements in Accounts of Companies form No.4 (Form AOC-4)

For the purpose of section 137 of the companies act 2013 and sub-rule (1) of Rule 12 of Companies (Accounts) Rules, 2014, form AOC -4 shall be used for filing financial statements and other documents with the registrar.

Due Date :

Every Company should file Form AOC-4 with the Ministry of Corporate Affairs (MCA) within 30 days from the completion of the Company’s Annual General Meeting (AGM).

Form AOC-4 shall be accompanied with below-listed documents for filing 

• Financial Statements
• Board’s Report
• Auditor’s Report
• Director’s Report
• Notice of Annual General Meeting (AGM)
• And required mandatory documents as per Business activity of the entity.

Annual Return in Management and Administration Form.no.7 (MGT-7)

For the purpose of Section 92(1) of the Companies Act, 2013 and rule 11(1) of the Companies (Management and Administration) Rules, 2014, every company registered in India should file an annual return in form MGT-7 with Ministry of Corporate Affairs (MCA).

Due Date

The Due date for filing form MGT-7 is within 60 days from the conclusion of the company’s Annual General Meeting (AGM).

Since the due date for conducting company’s Annual General Meeting (AGM) is on or before the 30th September of the subsequent financial year, Form MGT-7 Due Date shall be 29th November of Subsequent financial year.

Form MGT-7 shall be signed by the director of One Person Company (OPC) using a class 2 digital signature or a company secretary in practice.

Required Mandatory Details for filing are :

• CIN or PAN
• Main Business activities list
• Loans and Debentures details
• Details of Securities held by the company (if any)

Events Based Annual Compliances

Annual Compliances related to the internal administration and external business management.

Event-based annual compliances mean the compliances arising due to the occurrence of a specific event in a company.

Some of the Event-Based Compliances have been listed below

• Change of Statutory Auditors
• Change of Name of Company
• Change of Object of Company
• Change Address of  Registered Office of the Company
• Registration or Modification or Satisfaction of Charge
• Increase of Authorized Share Capital
• Transfer of Shares etc.

Annual Compliance under diverse legal authorities

Annual Compliances related to diverse legal authorities namely

• GSTIN
• Labour and Employment Laws
• Intellectual property laws
• Excise 
• Customs
• PF and ESI regulations
• Environmental Laws etc..,